Transfer of Strata Property to Build Toronto - 1978-2002 Lake Shore Boulevard West

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The decision

2022-07-19 · Toronto City Council · adopted

As filed

City Council on July 19, 20, 21 and 22, 2022, adopted the following: 1. City Council authorize the Executive Director, Corporate Real Estate Management, to enter into an agreement to transfer a stratified portion of the property municipally known as 1978-2002 Lake Shore Boulevard West shown as Part A on Appendix 1 to the report (June 17, 2022) from the Executive Director, Corporate Real Estate Management, limited to 122

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metres above-grade, including any agreements related thereto (the "Property"), to CreateTO's corporate entity known as Build Toronto Incorporated (the "Corporation") substantially on the terms and conditions set out in Appendix 2 to the report (June 17, 2022) from the Executive Director, Corporate Real Estate Management, and such other and amended terms and conditions that are acceptable to the Executive Director, Corporate Real Estate Management and in a form satisfactory to the City Solicitor. 2. City Council authorize funding any outstanding City expenses related to the transfer of the Property to the Corporation from the Approved Operating Budget for Corporate Real Estate Management, and once such expenses are known, to transfer the funding for these expenses from the Land Acquisition Reserve Fund (XR1012) with the appropriate adjustment to the Approved Operating Budget for Corporate Real Estate Management. 3. City Council authorize severally each of the Executive Director, Corporate Real Estate Management, and Director, Transactions Services to execute the documents required to complete the transfer transaction. 4. City Council authorize the public release of Confidential Attachment 1 to the report (June 13, 2022) from the Chief Executive Officer, CreateTO following the closing of the transactions contemplated in the report (June 13, 2022) from the Chief Executive Officer, CreateTO and at the discretion of the Chief Executive Officer, CreateTO. Confidential Attachment 1 to the report (June 13, 2022) from the Chief Executive Officer, CreateTO remains confidential at this time in accordance with the provisions of the City of Toronto Act, 2006, as it deals with a proposed or pending acquisition or disposition of land by the City of Toronto. Confidential Attachment 1 to the report (June 13, 2022) from the Chief Executive Officer, CreateTO will be made public following the closing of the transactions contemplated in the report (June 13, 2022) from the Chief Executive Officer, CreateTO and at the discretion of the Chief Executive Officer, CreateTO.

On the agenda

As the city filed it

The purpose of this report is to seek authority for the transfer of an additional strata portion of City property municipally known as part of 1978-2002 Lake Shore Boulevard West (the "Property") to CreateTO's corporate entity, Build Toronto Incorporated. In July 2013, City Council approved the transfer of the Property to Build Toronto Incorporated This initial transfer was capped at a height of 65 metres above ground on the site known as 1978-2002 Lake Shore Boulevard West and those lands were sold to a developer.

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As result of certain changes to the proposed built form of the development, CreateTO, on behalf of Build Toronto Incorporated, has requested that additional strata, from the point of 65 metres above grade to a point of 122 metres above grade of the Property (the "Additional Strata"), be conveyed to Build Toronto Incorporated and subsequently conveyed by it for development purposes. It is also appropriate that this City staff report and the transmitted CreateTO Board report respecting this matter be considered jointly by City Council.

Staff recommended

The Executive Director, Corporate Real Estate Management recommends that: 1. City Council grant authority to the Executive Director, Corporate Real Estate Management, to enter into an agreement to transfer a stratified portion of the property municipally known as 1978-2002 Lake Shore Boulevard West shown as Part A on Appendix 1 limited to 122 metres above-grade, including any agreements related thereto (the "Property"), to CreateTO's corporate entity known as Build Toronto Incorporated (the "Corporation") substantially on the terms and conditions set out in Appendix 2 and such other and amended terms and conditions that are acceptable to the Executive Director, Corporate Real Estate Management and in a form satisfactory to the City Solicitor.

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2. City Council grant authority to fund any outstanding City expenses related to the transfer of the Property to the Corporation from the Approved Operating Budget for Corporate Real Estate Management, and once such expenses are known, to transfer the funding for these expenses from the Land Acquisition Reserve Fund (XR1012) with the appropriate adjustment to the Approved Operating Budget for Corporate Real Estate Management. 3. City Council authorize severally each of the Executive Director, Corporate Real Estate Management, and Director, Transactions Services to execute the documents required to complete the transfer transaction.

Considered

2022-07-04 · General Government and Licensing Committee · amended
Decision as filed
The General Government and Licensing Committee recommends that: 1. City Council grant authority to the Executive Director, Corporate Real Estate Management, to enter into an agreement to transfer a stratified portion of the property municipally known as 1978-2002 Lake Shore Boulevard West shown as Part A on Appendix 1 to the report (June 17, 2022) from the Executive Director, Corporate Real Estate Management, limited
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to 122 metres above-grade, including any agreements related thereto (the "Property"), to CreateTO's corporate entity known as Build Toronto Incorporated (the "Corporation") substantially on the terms and conditions set out in Appendix 2 to the report (June 17, 2022) from the Executive Director, Corporate Real Estate Management, and such other and amended terms and conditions that are acceptable to the Executive Director, Corporate Real Estate Management and in a form satisfactory to the City Solicitor. 2. City Council grant authority to fund any outstanding City expenses related to the transfer of the Property to the Corporation from the Approved Operating Budget for Corporate Real Estate Management, and once such expenses are known, to transfer the funding for these expenses from the Land Acquisition Reserve Fund (XR1012) with the appropriate adjustment to the Approved Operating Budget for Corporate Real Estate Management. 3. City Council authorize severally each of the Executive Director, Corporate Real Estate Management, and Director, Transactions Services to execute the documents required to complete the transfer transaction. 4. City Council authorize the public release of the information in Confidential Attachment 1 to the report (June 13, 2022) from the Chief Executive Officer, CreateTO following the closing of the transactions contemplated in the report (June 13, 2022) from the Chief Executive Officer, CreateTO and at the discretion of the Chief Executive Officer, CreateTO.
2022-07-19 · Toronto City Council · adopted

On the record

The item as the City filed it

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